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MakcuM [25]
3 years ago
14

Suppose you deposit $2,454.00 into an account today. In 6.00 years the account is worth $3,868.00. The account earned ____% per

year.
Business
1 answer:
Feliz [49]3 years ago
8 0

Answer:

Interest rate, R = 26%.

Explanation:

<u>Given the following data;</u>

Principal = $2,454.00

Simple interest = $3,868.00

Time = 6 years

To find the interest rate?

Mathematically, simple interest is calculated using this formula;

S.I = \frac {PRT}{100}

Where;

  • S.I is simple interest.
  • P is the principal.
  • R is the interest rate.
  • T is the time.

Substituting into the equation, we have;

3868 = \frac {2454*R*6}{100}

Cross-multiplying, we have;

3868 * 100 = 14724*R

386800 = 14724R

R = \frac {386800}{14724}

<em>Interest rate, R = 26.27 ≈ 26%</em>

<em>Therefore, the account earned 26% per year. </em>

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